Medtronic completes $800M purchase of Ardian

Medtronic has completed the acquisition of privately held Ardian, a developer of catheter-based therapies to treat hypertension and related conditions.

Under the terms of the agreement announced on Nov. 22, 2010, the purchase price is $800 million in cash upfront, plus additional cash payments equal to annual revenue growth through the end of Medtronic’s fiscal year 2015. The Minneapolis-based Medtronic had previously invested in Ardian and, prior to completion of the acquisition, held an 11.3 percent ownership stake.

Ardian, which is headquartered in Mountain View, Calif., said its Symplicity catheter system seeks to address uncontrolled hypertension through renal denervation, or ablation of the nerves lining the renal arteries. It has received the European CE mark and Australia’s Therapeutic Goods Administration (TGA) listing, but is not approved by the FDA.